"I think the market is going to struggle a little bit," said Cashin. "I think the wording of the Fed statement in the middle of the week is key. Can they take care of the 'bond vigilantes' and start to bring mortgage rates back down?"

Trader Talk With Art Cashin

Art Cashin, head of floor operations at UBS, has the buzz from the NYSE.

When asked about the $104 billion in new notes being auctioned this week and if there could be shift in the bond market, Cashin said: "I worry about the dollar and bonds," Cashin said. "Like in an old cowboy movie when you are driving a herd, it can turn into a stampede. So if the weakness in bonds continues, it could get a bit ugly."